KDX Real Investment Corporation Sells Nagoya Multifamily Property for JPY 4.42 Billion

KDX Real Investment Corporation announced on August 22 that it has signed an agreement to transfer the trust beneficiary interest of the rental apartment property “Leopalace Flat Shinsakae” in Nagoya’s Naka Ward. The sale price is JPY 4.42 billion.

The property, completed in November 2004, is a 21-story residential tower with a gross floor area of approx. 11,590 sq. m (approx. 124,700 sq. ft.) and 274 units. Leopalace21 serves as both the master lessee and property manager. The location offers access to multiple subway lines, situated a 5-minute walk from Shinsakaemachi Station on the Higashiyama Line, a 9-minute walk from Takaoka Station on the Sakura-dori Line, and an 11-minute walk from Sakae Station.

KDX REIT inherited the property from the former Kenedix Residential Next Investment Corporation. With concerns over rising repair and capital expenditure costs, the REIT decided to rebalance its portfolio through the sale.

Key Facts

• Property Name: Leopalace Flat Shinsakae

• Buyer: Not disclosed

• Seller: KDX Real Estate Investment Corporation

• Transaction Price: JPY 4,420 million

• Location: 1-5-31 Shinsakae, Naka-ku, Nagoya, Aichi Prefecture

• Nearest Stations: 5 min. walk to Shinsakaemachi Station (Higashiyama Line) / 9 min. walk to Takaoka Station (Sakura-dori Line) / 11 min. walk to Sakae Station (Higashiyama Line)

• Completion: November 2004

• Number of Floors: 21F

• Units: 274

• Gross Floor Area: 11,589.95 sq. m (approx. 124,700 sq. ft.)